“It can’t be done. Too many have tried and failed.” “Dead on arrival. I haven’t used one in decades.” “You’re starting a what?” “Are there even a hundred people who have a ‘concentrated portfolio’?” This is what I heard from the largest wealth managers and RIAs in the country when I first floated the idea of building a modern exchange fund. In 2022, I realized that many Americans were becoming more concentrated, driven by the growing trend of stock-based compensation and a historic bull-market run. Yet tax-efficient investing was limited to a small set of clients. I saw this as a massive opportunity. For decades, exchange funds had been a duopoly. And like most markets without competition, progress had slowed. It felt like a product from the 80s that hadn’t even met the internet. Minimums, fees, and the barriers were high. We believed that it didn’t have to be true. So we set out to build what many said couldn't be done: a modern exchange fund that was transparent, accessible, and efficient. Just twenty months after launch, the market has spoken. Cache recently crossed $1B in assets, likely one of the fastest to reach this milestone among digital investment platforms. But this milestone isn’t about speed. It’s about a shift in who gets access to tax-efficient investing. The walls have been broken. This category no longer feels like a closed room with a velvet rope. In 2025 alone, we grew approximately 4×. Our flagship exchange funds delivered performance in line with our goals. For example, UNIX achieved a ~0.99 correlation through our Index Sync approach. We're grateful to the clients who trusted us early—and to the incredibly talented team that brought this vision to life. Here’s to 2026, and here’s to building what the experts said cannot be done! #wealthmanagement #personalfinance #financialplanning #concentratedstock